Friday, 4 October 2024 07:18 WIB | GOLD |GOLDEMAS
Gold was steady ahead of a jobs print that’ll offer clues on the health of the US economy, as markets weighed the potential for further monetary easing by the Federal Reserve.
After three consecutive weekly gains that included bullion reaching a record high in late September, the precious metal was on track to finish the week little changed. That could change when traders view the nonfarm payroll report due later Friday, with any weakness likely to strengthen the case for deeper easing by the US central bank. Lower rates typically benefit bullion, as it doesn’t pay interest.
Gold has rallied nearly 30% this year, hitting a series of record highs. Along with rate-cut optimism, the metal has also been boosted by robust central-bank purchases and haven demand. The escalating hostilities in the Middle East could further support bullion, after President Joe Biden told reporters the US was discussing whether to support potential Israeli strikes against Iranian oil facilities
Spot gold was was flat at $2,654.82 an ounce as of 7:41 a.m. in Singapore, near the record high of $2,685.58. The Bloomberg Dollar Spot Index was down 0.1%, following four days of gains. Silver and platinum were steady, while palladium edged higher.(ayu)
Source : Bloomberg